Nigeria’s president, Bola Ahmed Tinubu, has called for patience in the face of the country’s deepening economic downturn while promising that his administration would work to tune down the growing inflation rate. Tinubu said this while presenting the 2024 financial appropriation bill entitled Budget of Renewed Hope…
President Bola Ahmed Tinubu of Nigeria delivered his first budget since taking office in May as the country faces a rising cost of living crisis, one of the worst in many years.
The Nigerian leader said his government plans to spend 27.5 trillion local currency, representing about $34.85 billion, in the new financial year.
Mr. Tinubu said the 2024 financial appropriation bill would attract investment, offering “renewed hope” during tough economic times.
He urged Nigerians to be patient in the face of skyrocketing inflation following the removal of subsidy on fuel among other ambitious policies of his administration.
He pledged that his “Budget of Renewed Hope” would guarantee macro-economic stability, lead to job creation and growth, and reduce the budget deficit.
Other areas of priority included improving security and infrastructure, as well as taking measures to ease the cost of living crisis.
The budget is expected to be approved after proper scrutiny by the Nigerian lawmakers before it comes into effect.
President Tinubu has commenced a daring reform in Africa’s most populous nation by ending the costly subsidy on petrol and foreign exchange controls.
Despite the gradual reforms, the country’s inflation stood at 27.3% in October, up from 26.72% in September, according to official statistics.
By xamse
November 30, 2023
